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* GRIM JOBS REPORT SHOWS NO SIGNS OF ECONOMIC RECOVERY (Clemente Lisi, New York Post)
The country’s unemployment rate jumped to a staggering 7.6 percent last month after recession-battered employers eliminated 598,000 jobs — the most at one time since 1974 — in another sign that the job climate is deteriorating at an alarming rate.
* Police beat (Daily Herald)
When security personnel detained a woman at Spring Hill Mall who had just left a store Tuesday afternoon, she was wearing clothing that had been shoplifted and had more stolen clothing in her purse, a police report said. Deborah R. Meyers, 34, of the 200 block of Spring Point Drive, Carpentersville, was charged with retail theft and also possession of drug paraphernalia after a silver smoking…
* Analyst: Prudential loss not so damaging as thought (Jersey Journal)
Prudential Financial Inc., the second- biggest U.S. life insurer, advanced in New York trading after Morgan Stanley said a $1.57 billion fourth-quarter loss didn’t damage the company’s capital position.
* Low rates defuse ‘exploding’ ARMs (Les Christie, Money)
NEW YORK (CNNMoney.com) — A wave of resetting adjustable rate mortgages had been poised to add to the flood of foreclosures as their rates jumped.
* Moody’s to review ratings on $300bn of debt (Nicole Bullock, The Financial Times)
The commercial real estate market received another blow on Thursday when Moodys Investors Service said it would review ratings on about $300bn of debt backed by US commercial mortgages.
Housing Disaster 